Hi,
Can someone clarify on the below questions related to gratuity pay-out.
1) Some organizations do the gratuity payout as follows: Can someone help me to understand if this is the from Payment Act or the organizational good will.
If the employee has joined the organization prior to FY 2004, the gratuity is calculated as Last Monthly Basic * No. of years of exp
If employee joined on/after 2004 it is computed as Last Monthly Basic * No. of years of exp * 15/26
2) For a employee joined in 2003, what is the gratuity calculation to be used.
3) Is the no. of years calculated should be used as
i) No. of years between date of joining and date of submission of resignation or
ii) No. of years between date of joining and last day of service (inclusive of notice period).
Thanks In advance!!
Can someone clarify on the below questions related to gratuity pay-out.
1) Some organizations do the gratuity payout as follows: Can someone help me to understand if this is the from Payment Act or the organizational good will.
If the employee has joined the organization prior to FY 2004, the gratuity is calculated as Last Monthly Basic * No. of years of exp
If employee joined on/after 2004 it is computed as Last Monthly Basic * No. of years of exp * 15/26
2) For a employee joined in 2003, what is the gratuity calculation to be used.
3) Is the no. of years calculated should be used as
i) No. of years between date of joining and date of submission of resignation or
ii) No. of years between date of joining and last day of service (inclusive of notice period).
Thanks In advance!!